What The Boeing Company told the SEC could break it.

China is a significant commercial-aircraft market for Boeing, but the U.S.-China relationship is strained by tariffs, sanctions and export restrictions; in Q2 2025 certain Chinese customers paused accepting Boeing deliveries amid tariff negotiations (since resumed), and inability to deliver to/obtain orders from China could reduce deliveries.

“in the second quarter of 2025, certain customers in China paused accepting our deliveries in response to ongoing tariff negotiations between the U.S. and China.”

As of year-end 2025 the U.S. maintained new and modified tariffs on aluminum, steel and copper imports implemented during 2025 (with additional sector reviews announced); these and any retaliatory actions could materially impact Boeing's financial position and results.

“As of December 31, 2025, the U.S. also maintains new and modified tariffs on aluminum, steel, and copper imports implemented during 2025, and has announced reviews of additional sectors.”

Boeing relies on an extensive network of U.S. and non-U.S. suppliers and subcontractors and in some instances depends upon a single source of supply; service disruption from one of these suppliers (geopolitical, performance, or financial) could materially impair its ability to deliver products on time or at budgeted cost.

“In some instances, we depend upon a single source of supply. Any service disruption from one of these suppliers, either due to circumstances beyond the supplier's control, such as geopolitical developments, or as a result of performance problems or financial difficulties, could have a material adverse effect on our abili”

In 2025, 35% of Boeing's revenue was earned under U.S. government contracts (including FMS), subject to extensive procurement regulation; separately, non-U.S. customers accounted for 46% of total revenues and 60% of Commercial Airplanes revenue from customer contracts.

“In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.”

Boeing's workforce includes ~72,000 union members; in 2024 IAM District 751 (30,000+ manufacturing employees, primarily Washington state) struck for 53 days, halting production of most commercial aircraft and certain BDS products and materially adversely impacting results — illustrating recurring labor-disruption risk.

“During 2024, employees represented by IAM District 751, which represents over 30,000 Boeing manufacturing employees primarily located in Washington state, went out on strike for 53 days, halting production of most of our commercial aircraft and certain of our Defense, Space & Security products, and materially adversely impacting our business and financial position.”